Property Council survey highlights Labor tax threat

SENATOR THE HON ZED SESELJAAssistant Minister for Treasury and Finance

MEDIA RELEASE

26 February 2019

PROPERTY COUNCIL SURVEY HIGHLIGHTS LABOR TAX THREAT

The results of a national survey of more than 1,000 people by the Property Council of Australia serves as a chilling warning about the dangers of Labor’s ill-conceived and economy wrecking housing taxes.

The findings show that not only will Labor’s housing taxes not work as they claim, but they will have the opposite effect – driving down new housing supply and construction.

The results show that if Labor gets the chance to implement their housing taxes, almost half of all investors admitted they would be forced to charge more rent on their properties.

The number of investors buying new homes would also drop dramatically, falling by more than 25 per cent.

Current investors will be the most discouraged according to the results, with around six in 10 investors confirming Labor’s housing taxes would discourage them from investing in property.

This warning follows independent modelling commissioned by the Master Builders Association that confirmed that new dwelling construction will slow, jobs will be lost and billions drained from the economy under Labor’s housing taxes.

The results of this survey show that Labor’s plan to abolish negative gearing as we know it and increase the capital gains tax by 50 per cent will be a lose-lose; if you own your own home it will be worth less and if you rent your home it will cost you more.

Bill Shorten has to listen to these alarming number of warnings, admit he got this one wrong and ditch his big new housing taxes.